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Monday, 27 February 2017

Limping Higher

I was looking at SPX doing my weekend charts on Saturday and a new high seemed likely and we saw that this morning. That's great and decent looking possible daily sell signals are now brewing on both the RSI 14 and RSI 5. Ideally I'd like to see SPX go a bit higher to hit a trendline that I have above in the 2375/6 area, and Stan has a target slightly high at 2381, but I'm wondering whether it's going to make it. It may be a slow road to get there if we do, and the 5min RSI 14 sell signal that has fixed isn't encouraging for seeing that today. SPX 60min chart:

Possible RSI 14 and RSI 5 sell signals are now brewing on the daily chart. Support is at the daily upper keltner band at 2357. SPX daily chart:

ES hasn't made a new ATH yet in regular trading hours (RTH), though it has come close. ES Mar 60min (pre-market) chart:

NQ hasn't made a new ATH yet and might not. Yesterday when Stan and I were doing our Big Five update at theartofchart.net, we were seeing some unfinished business above but some of that has delivered this morning. We were looking for a high retest on AAPL and a marginal new high and AAPL has come within 0.05 of that test today. We were looking for a marginal new ATH on FB and that has delivered this morning. Those were the big ticket items, though a counter-trend rally also looks likely on TSLA, and it would be neater if the AMZN high was at one of the two possible resistance trendlines in the 860s. NQ Mar 60min (pre-market) chart:

TF has been the strongest so far today and has established itself over 1400. That suggests a full retest of the ATH is coming, though looking at the tape over the last hour or two, very possibly not today. TF Mar 60min (pre-market) chart:

Today and tomorrow are cycle trend days, which means that there are 70% odds that either buyers or sellers will dominate the day. If that's delivering today, and it's hard to tell so far, then the buyers would seem to have the edge.

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